Thursday, 19 February 2009
Greenspan urges bank nationalisation
The US government may have to temporarily nationalise the country’s banks until the sector is reformed, the former chairman of the US Federal Reserve, Alan Greenspan, has said.
Bankrupt charge stains Trump name
Mr Trump defaulted in November, arguing that he should not have to pay over US$330m because the economic crisis constitutes a force majeure
Berkshire portfolio down 25%
Financial meltdown hurts Warren Buffett’s holding company in the fourth quarter.
UBS admits helping tax evaders
Swiss banking giant agrees to pay $780 million and hand over account information after helping U.S. clients evade the IRS.
The Oracle Sells America
Struggling. I’m struggling this morning with some of the things that Warren Buffett is doing with his cash these days. I am struggling because he is selling America, selling Johnson & Johnson, selling ConocoPhillips and selling U.S. Bancorp.
US-Goldman falls after CNBC report on margins
CNBC reports that several GS partners had leveraged GS stock to buy alternative investments, and are now being forced to borrow money to cover margin calls following stock declines. Says GS is now in the awkward position of making margin calls on their own partners, who can’t meet those margin calls.
China’s banks misused $1b
Chinese banks and other financial institutions embezzled or misappropriated hundreds of millions of dollars last year, the country’s top auditor said on Thursday.
China’s Stock Rally to Falter on “Non-Existent” Profit, Andy Xie
China’s stocks rally that’s made the Shanghai Composite Index the world’s best performer this year will falter as profits are “non-existent,” according to independent economist Andy Xie.
No kissing, we’re British
A man in a hat and a woman with a curly-looking hair-do puckering up show people where they must not indulge in full-on lip-locking
AG Walter Woon: AG's Chambers not a “complaints bureau”
Well-known for his sincerity in dealing with the media, Attorney-General Professor Walter Woon said that he’ll comment on anything as long as this does not hurt the parties involved.
Criminal Law Act needed to tackle gangs and drugs
There should be more transparency lest it be open to abused by those people in power.
Britain’s AAA credit rating threatened by scale of bank bail-out
Britain could be stripped of its prized AAA credit rating as a result of the Government’s latest bank bail-out, potentially jeopardising any economic recovery, according to rating agency Standard & Poor’s.
US economy to get worse
The Federal Reserve warned on Wednesday that the crippled US economy is even worse than thought and predicted it would deteriorate throughout 2009, with no sign that the housing market will stabilise.
Failure to save East Europe will lead to worldwide meltdown
The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point.
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Mainlanders see inferno as just deserts for domineering CCTV
The spectacular fire that gutted the high-rise Mandarin Oriental building attached to China Central Television’s new iconic headquarters one week ago still remains the talk of the town in the capital.
Foreign investors win head start in A-shares
Foreign institutional investors made a rosy start on the A-share market this year, outperforming mainland mutual funds last month, fund data provider Lipper reported.
China to crack down on unlicensed cabs
China has announced a nationwide crackdown on unlicensed taxis in a bid to stem cab strikes that have paralysed cities in the past year.
Beijing may set up fund to buy resources
Oil industry report says government could tap foreign reserves for overseas acquisitions
Mobile chargers to go universal
Get a new mobile phone - and toss yet another old, incompatible phone charger.
Off-peak cars get more luxurious
Trend towards public transport for weekdays, fancy cars for leisure
Police officer kills man in off-duty brawl
A Yunnan police officer has been detained on suspicion of voluntary manslaughter after he killed an unarmed man in an off-duty brawl, triggering a public outcry on the mainland, Xinhua reported yesterday.
Yuan could fall to 6.95 to 7 per dollar, says official
Yuan is not facing pressure to strengthen but could instead weaken to about 6.95 to 7 per US dollar, a senior economic planning official was quoted on Tuesday as saying, sending the yuan down in the offshore forwards market.
Watch Out! Here Come Trade Protectionists
The U.S. government’s call to ‘buy American’ is bound to sting some Chinese exporters, as well as the world’s open market.
Watch Out! Here Come Trade Protectionists
The U.S. government’s call to ‘buy American’ is bound to sting some Chinese exporters, as well as the world’s open market.
‘It’s been a long time since anybody mentioned war’
Only landmines remain from the 1979 Vietnam invasion
‘It’s been a long time since anybody mentioned war’
Only landmines remain from the 1979 Vietnam invasion
Society has turned its back on us, say army veterans
But in the days leading up to the 30th anniversary of the Sino-Vietnamese war a group of veterans, including “fighting heroes” and the children of PLA generals, claimed that society had left them behind and their government had forgotten them.
Wednesday, 18 February 2009
“Big Five” Power Firms Squeezing Coal Prices by Threatening Global Purchasing
State-owned power companies and coal companies are at war over coal prices
Mrs. Hillary Clinton Reprioritizes US-China Relations
US Secretary of State Hillary Clinton’s forthcoming arrival in Beijing ironically confirms that the Strategic Economic Dialogue, long championed by Secretary of Treasury Henry Paulson has taken a back seat.
‘Buy Local’ mandate
Chinese provinces are scrambling to try to shore up local firms through mandates to buy locally, in a sign that the protectionism economists have warned about is not just an international issue.
VW’s Shanghai JV cuts prices
European automaker Volkswagen’s car venture in Shanghai has slashed prices by up to nearly 12 per cent to lure buyers into the showroom.
Tuesday, 17 February 2009
Jewellery firm Aspial goes into pawnbroking business
Group secures one licence and is applying for another four
China Digs Deeper for ‘San Nong’ Reform
Having taken the easy steps toward rural reform, the nation now faces its toughest challenge: Assuring livelihoods for farmers.
Need for floating oil storage gets more pressing
Land-scarce Singapore’s push to build floating structures for oil and petrochemical storage is becoming more pressing, with the government now identifying potential offshore sites.
World Bank charts Singapore’s rise from slums to world city
Institutional reform was key, says World Development Report
The murky world of real estate practices
‘Secret profit’ case sheds some light on the agent-agency relationship
Spurned mistress’ last act
A married Chinese tycoon who could no longer afford to support his five mistresses during the economic slowdown held a contest to decide which one to keep, local media reported on Tuesday.
Hedge funds face new redemptions
Hedge funds are facing a second round of redemptions after several big investors hit by Bernard Madoff’s alleged $50bn fraud began liquidating portfolios, according to some of the world’s biggest hedge fund managers.
China Loans Diverted to Stocks, Fuelling Rally, Shenyin Says
Chinese companies may be using record bank lending to invest in stocks, fuelling a rally that’s made the benchmark Shanghai Composite Index the world’s best performer this year, according to Shenyin & Wanguo Securities Co.
Trump Entertainment files for Chapter 11
Donald Trump’s casino group, filed for Chapter 11 bankruptcy protection on Tuesday, court documents show.
Chinese ‘DreamWorks’ set up
HONG Kong director Peter Chan Ho-sun has teamed up with China’s largest private movie company to create a new film studio that they have dubbed a Chinese ‘DreamWorks’.
Why right to vote not spelt out
The Constitutional Commission of 1966 had good reasons to recommend that the right to vote be entrenched in the Constitution but those reasons no longer hold.
Price War Developing Between Beijing Housing Builders
“Experts predict the real estate market will rebound by the end of 2009. If it does not, the situation will be worse than it is now, so developers are choosing to sell as many apartments as possible in the first half of the year,” explained a sales supervisor of a well-known property company.
GIC lost 41%? Accountability please!
We have paid millions of dollars to PAP ministers annually for such mediocre performance which result in such losses that benefits no Singaporeans at all.
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Monday, 16 February 2009
IPO candidates challenged by volatile market
Firms in the West consider using Dutch auction system to conduct offerings
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The real thing - or pie in the sky again?
Magazine publisher Lexicon recently announced a $160 million reverse takeover (RTO), making it the first such deal this year.
Unemployment surges worldwide
Global job losses could hit 50 million by the end of 2009, says the ILO
Money markets still not ready to nurture economy
Banks remain laden with dubious debts they accumulated
Reit managers fail to get payouts trimmed
Move to cut payout ratio flops as investors demand certainty: sources
Wall Street desperate for details of bank rescue plan
Vagueness from new administration will keep markets down and listless
Looking for clues to the turnaround
It is followed by at least 2 quarters of change in the same direction: economist
Buoyant property launches defy poor economy
New developments Caspian and Alexis report brisk sales, add buzz to market
China’s ‘next leader’ in hardline rant
Xi Jinping, the man earmarked to become China’s next president, has roundly attacked his country’s critics while giving a speech in Mexico.
Men really do see half naked women as ‘objects’, scientists claim
Some men really do see scantily clad women as “objects”, claim scientists.
‘Buy Indonesian’ order
Indonesian civil servants will be ordered to buy locally made products for everything from clothes to movies under rules intended to boost demand amid the global economic crisis, a senior official said on Monday.
Lease buyback: A mindset issue
Mass effort needed at grassroots level to help elderly accept the idea
Self-regulation isn’t enough: property agents
Stricter rules are needed to protect the public from unscrupulous real estate agents
Large U.S. banks on edge of insolvency
Some of the large banks in the United States, according to economists and other finance experts, are like dead men walking.
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New loans soar on mainland as money supply growth accelerates
New loans on the mainland surged at a record pace last month and money supply expanded fast as banks heeded Beijing’s call to loosen lending to battle the economic slowdown.
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New wildlife draw: River safari ready in 2011
Singapore will get another top-drawer tourist attraction in 2011, when a $140 million river safari theme park will be completed.
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Nissan targets 4.6pc sales growth in mainland
Nissan, Japan’s third-largest carmaker, said on Thursday it aimed to expand its vehicle sales in the mainland by 4.6 per cent from last year to 570,000 units this year.
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Senior CCTV official may face charges for fire
However, questions remained unanswered yesterday over how it was possible for the show to have been recorded by four high-resolution cameras without the knowledge of senior staff, and how a department head such as Xu could have authorised a 1 million yuan fireworks show this year - the third in a row - without approval from higher authorities.
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Silver Lining for Local Government Bonds
Local governments have long sought permission to raise money through bonds. The economic crisis is giving them a new chance.
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Sing $ seen weakening against US$ in H2: Nomura
MAS may shift its policy mid-point lower in April
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Don’t force banks to undertake high risk at low rates
However, it is unrealistic to require Chinese banks to take high risks or serve the public unconditionally, given that they are unable to fend off risks associated with financial innovation.
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You won’t get fleeced at the flea market
Every weekend, there are probably dozens of flea markets underway in the city - they may be even more crowded because of the current financial recession. Some are specialized, some offer soup to nuts.
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Pros and cons of extended settlement trading
Before you plunge into Extended Settlement (ES) contracts, be warned that the product is not for every retail investor. Financial experts caution that it is more suited for short-term traders with higher risk appetites, and for sophisticated traders.
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When to settle stock deals? It’s your call
Extended settlement gives investors more flexibility in making short and long trades
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Strip club boss earns more than bankers’ US$500,000 limit
Half a million dollars may not buy a seasoned banking executive these days
Tapping China’s huge reserves carries risks
Beijing has to consider inflation and exchange rate stability
Tibetan areas ‘closed to foreigners’
Authorities are tightening its grip on Tibetan areas in the western part of the country by banning foreigners from the region ahead of the politically sensitive 50th anniversary of a failed Tibetan uprising.
Trial Exposes Trafficking at Beijing Airport
The apprehension of Air China passengers trying to sneak into Canada led authorities to a smuggling ring at Beijing’s airport.
Sunday, 15 February 2009
1 in 2 students ‘afraid of graduating’
Some who had nailed cushy bank jobs even before graduation get regret letters
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Singapore makes best global impression
When it comes to making a good impression, no one does it better than Singapore.
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Saying ‘I do’ to prenups
Lawyers expect more couples to sign such pacts after recent court ruling
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US and China need each other: Hillary
Secretary of State softens her hawkish image with assurances to allies and rivals ahead of Asia trip
Weak brands may stall following COE quota cut
24% reduction may see premiums rise; this could hurt cheaper cars while popular ones cruise
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Age no barrier for young judges on mainland
Jurists as young as 30 share their view of an improving legal system
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Best to maintain a short-term trading view to survive
There’s not a lot we can add to the assessment given in last week’s column (and the dozens that preceded it over the past year) that this is a market eminently suited to short-term traders who buy selectively into the dips but sell immediately into strength.
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